Change and Growth
Business Change and Growth
Everyone in business has a huge dream of growing more extensive from the time they started. However, it is often said that “a thousand miles start with a single step”. This page is dedicated to your growth and expansion.
Growth covers four significant subjects: creativity and innovation; Restructuring and Updating Business plan; Means of expansion and Registration.
The first one is very crucial to the success of a business. Innovation refers to the discovery of new inventions. It goes hand in hand with creativity because it takes an actively working creative mind to make further suggestions. A business, therefore, requires the best hands-on the job. It usually results in more output (production of more products) and more profit.
Even at its peak, a business needs constant rebranding to encourage more patronage and ward off competition. You can source for ideas from:
It is an online platform dedicated to research.
These platforms serve SMEs and researchers across Europe and Australia. However, its subject matter must be in science or technology.
Other platforms connect you with intellectual minds. Also, it may form part of your requirements for employment at your workplace.
Another means of expansion is through restructuring. The restructuring may occur through model change or type of business. For instance, a small business such as sole proprietorship may become blown into a partnership or joint venture. It enhances the profitability of the business and improvements in the general running of the company.
How Can You Change the Structure of Your Business?
Changing the structure of one’s business imposes certain obligations on the individual. The typical changes that occur are:
It is a transition from a one-person business to a partnership contract requiring no less than two people. This transition means the asset of the company has grown bigger, likewise the size and functions.
It is a huge transition. It involves recruiting staff, accumulating more assets, and a legal structure for liability protection. This transition involves specific registration processes, such as obtaining the Australian Company number. The process must comply with all ASIC regulations or any other bodies regulating companies, for instance, tax office and perform obligations involved therein.
A partnership cannot transit automatically to a company state without the partnership being dissolved.
The significant factors causing a change of structure are not restricted to change in operation; ownership; expansion; operational and financial purposes. In all, one must weigh each option and make the best decision.
Importing and Exporting could also be a crucial addition to your business. It expands your business's width and gives you access to products that cannot or are difficult to source locally. For importing, you should research the products you are sourcing for and do your calculations right. Shipping costs and custom duties are charged on each item. Exporting involves the same process but provides more advantages. One must, however, be wary of export rules and regulations.
In conclusion, Business change or growth needs a re-evaluation of an original business plan or a new draft. See above for information on how to cancel the registration.